I suspect they’re saying new year because it has something to with this, and they missed the summer one.
Wowcher.
Definite never saw this happening. But good on Monzo for finally pulling their finger out.
I took post 1314 above as showing Monzo was in the scheme now.
But looking into it myself, while Monzo IS listed as a participant in the BPS and FPS sections, it isn’t there in the list of current ICS participants:
Maybe they have already joined and need to qualify for a period of time before being listed
I also found this nugget which shows ICS amounts are down between October 2022 and October 2023:
Not necessarily.
If they are using a correspondent bank (I don’t know if they are, but it’s possible) then the sort code will be listed as accepting cheques, but Monzo itself will not be listed as a member of ICS, since another member will in reality be providing the clearing on their behalf - for example, Lloyds Bank clears the cheques of it’s own sister brands, therefore Halifax & Bank of Scotland are not listed as part of the scheme but they obviously still accept cheques. This is despite Bank of Scotland plc being a legally-separate bank, but it must be set up as a correspondent arrangement.
On the other hand, it’s also possible that there is simply a lag in updating that webpage, which is not critical to actually accepting cheques. Whereas the sort code database is actually the “live” data which shows if the bank accepts cheques or not, so has to be updated straight away.
Monzo did use correspondent banks for more services in the past, but later brought BACS and FP fully in-house. They may even be planning a repeat of that.
See post 1351 above.
I think everyone will have received that email by now.
I too, came here because I just got an email and thought “I must share this astonishing and unexpected and outlandish news with everyone” only to find, well, this
It may be that this topic goes a bit “I’m Spartacus!” for a short while…
I do wonder about that, you make a good point.
Maybe we should take that as a sign towards Monzo joining the scheme and integrating ICS directly, rather than relying on correspondent services?
But then again, it could simply be timing coincidence. Surely they would have to already have implemented support in the back-end in order to have the sort code marked as cheque-accepting, though? So whatever the solution is, it’s done now but hasn’t been fully tested ready for go-live yet, I think.
Of course, that might also mean that they’ve completed integration work but haven’t finished the app front-end yet.
No email here
Also worth beating in mind once its fine code wise, its maybe still not ready to be released. They may want to get through app release processes, coordinate press releases, they need to write support articles, train support staff, agree limits with other parts of business etc
Maybe stage one is they are using the app in some got internally to process cheques mailed in.
Hopefully we’ll see progress in the coming weeks. Im hoping they are managing expectations and we’ll actually see it sooner than expected.
Most of that’ll be done already; it’s been showing up in tear downs for a few weeks now.
From an email just now…
Hello XXX,
We’re changing our Current Account Terms & Conditions and Fee Information Document.
We’ve put the most important bits in this email. And we’ve linked to the new terms and fee information below, as well as a side-by-side summary of the key changes.
Pay in a cheque in-app
We’re working on a feature that will let you pay in a cheque by taking a photo in the Monzo app. It’ll be available in the new year.
We may still ask you to post a cheque to us if its value is above a certain amount or if you’ve reached the daily limit.
There’s only an entire thread for this that’s been around since 2016…
Don’t be grumpy.
This is actual news instead of circular debate that has gone on for seven years.
I’m Spartacus.
Pigs do fly!
2 people beat you to it, by 4 hrs
Coming in the new year per an email from Monzo detailing changes to terms and conditions! We’re working on a feature that will let you pay in a cheque by taking a photo in the Monzo app. It’ll be available in the new year. We may still ask you to post a cheque to us if its value is above a certain amount or if you’ve reached the daily limit.
It’s coming ?! [image]
Not sure when exactly, but i see in ‘Other ways yo add money’ cheques no longer mentions deposit in app. I wonder if its getting pushed back or just better hidden before launch